Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The "Digital Health Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global digital health market reached a value of nearly $230.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 18.67% since 2018. The market is expected to grow from $230.8 billion in 2023 to $542.2 billion in 2028 at a rate of 18.63%. The market is then expected to grow at a CAGR of 18.10% from 2028 and reach $1.2 trillion in 2033.
Growth in the historic period resulted from an increase in demand for personalized medicine, increased internet penetration and increase in healthcare expenditures. Factors that negatively affected growth in the historic period were lack of consumer knowledge.
Going forward, rising incidences of chronic diseases, increasing penetration of smartphones, increase in the aging population and increasing need for healthcare access will drive the growth. Factor that could hinder the growth of the digital health market in the future include escalation of cybersecurity threats.
The digital health market is segmented by technology into mobile health (mHealth), health information technology, telehealth and telemedicine, health analytics and other technologies. The telehealth and telemedicine market was the largest segment of the digital health market segmented by technology, accounting for 46.2% or $106.7 billion of the total in 2023. Going forward, the health analytics segment is expected to be the fastest growing segment in the digital health market segmented by technology, at a CAGR of 19.93% during 2023-2028.
The digital health market is segmented by application into cardiology, diabetes, neurology, sleep apnea, oncology and other applications. The diabetes market was the largest segment of the digital health market segmented by application, accounting for 27.9% or $64.4 billion of the total in 2023. Going forward, the oncology segment is expected to be the fastest growing segment in the digital health market segmented by application, at a CAGR of 21.16% during 2023-2028.
The digital health market is segmented by end-user into healthcare providers, healthcare payers, pharmaceutical companies and other end users. The healthcare providers market was the largest segment of the digital health market segmented by end-user, accounting for 59.5% or $137.3 billion of the total in 2023. Going forward, the other end users segment is expected to be the fastest growing segment in digital health market segmented by end user, at a CAGR of 18.88% during 2023-2028.
North America was the largest region in the digital health market, accounting for 39.7% or $91.7 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the digital health market will be South America and Asia-Pacific where growth will be at CAGRs of 21.74 and 20.70% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 20.60% and 20.32% respectively.
The global digital health market is concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up 44.57% of the total market in 2022. Mckesson Corporation was the largest competitor with a 21.39% share of the market, followed by International Business Machinery Corporation with 4.60%, Abbott Laboratories with 4.43%, Medtronic plc with 3.21%, Cisco Systems Inc. with 2.61%, Koninklijke Philips NV with 1.94%, GE Healthcare Inc. with 1.86%, Honeywell International Inc with 1.80%, Fujifilm Holdings Corporation with 1.46% and Boston Scientific Corporation with 1.28%.
The top opportunities in the digital health market segmented by technology will arise in the telehealth and telemedicine segment, which will gain $136.3 billion of global annual sales by 2028. The top opportunities in the digital health market segmented by application will arise in the diabetes segment, which will gain $103.6 billion of global annual sales by 2028. The top opportunities in the digital health market segmented by end-user will arise in the healthcare providers segment, which will gain $184 billion of global annual sales by 2028. The digital health market size will gain the most in the USA at $101.8 billion.
Market-trend-based strategies for the digital health market include focus on launch of digital innovation businesses, strategic partnerships to drive growth in digital health, focus on wearable technology and voice interaction revolutionize healthcare communication, adoption of AI-powered digital assistants in healthcare strategic mergers and acquisitions drive growth in healthcare technology sector.
Player-adopted strategies in the digital health market include focus on strengthening the digital healthcare business through new product developments, strategic partnerships to better serve the industry and to strengthen their position and across different regions in the market to develop their business expertise.
To take advantage of the opportunities, the analyst recommends the digital health companies to focus on innovative business expansion, focus on innovative technologies for market strengthening, focus on AI-powered digital assistant tools, focus on mobile health (m health) segment, focus on strategic partnerships for expanded distribution channels, focus on strategic mergers and acquisitions for distribution expansion, expand in emerging markets, continue to focus on developed markets, focus on value-based pricing strategies, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on content marketing for brand awareness, utilize influencer partnerships for credibility and reach, focus on targeting diabetic patients, focus on healthcare providers and focus on elderly-centric digital health solutions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 328 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $230.8 Billion |
| Forecasted Market Value (USD) by 2033 | $1245.9 Billion |
| Compound Annual Growth Rate | 18.4% |
| Regions Covered | Global |
Major Market Trends
- Focus on Launch of Digital Innovation Businesses
- Strategic Partnerships to Drive Growth in Digital Health
- Focus on Wearable Technology and Voice Interaction Revolutionize Healthcare Communication
- Adoption of AI-Powered Digital Assistants in Healthcare
- Strategic Mergers and Acquisitions Drive Growth in Healthcare Technology Sector
Competitive Landscape and Company Profiles
- Mckesson Corporation
- International Business Machines Corporation (IBM)
- Abbott Laboratories
- Medtronic Inc
- Cisco Systems Inc.
Other Major and Innovative Companies
- Koninklijke Philips NV
- GE Healthcare Inc.
- Honeywell International Inc.
- Fujifilm Holdings Corporation
- Boston Scientific Corporation
- Epic Systems Corporation
- Ping an Good Doctor
- Cerner Corporation
- EClinicalWorks
- AllScript Healthcare Inc.
- AdvancedMd in
- Indegene
- Mfine
- Practo
- AMD Global Telemedicine Inc.
Key Mergers and Acquisitions
- Aptar Digital Health LLC Acquired Healint
- GE Healthcare Technologies Inc. Agreed to Acquire MIM Software Inc.
- HOPCo Acquired HOPCo
- Accenture Plc Acquired Nautilus Consulting
- Dialogue Health Technologies Inc. Acquired Assets of Koble Care Inc.
- MedLife Acquired SanoPass Digital Platform
- Amazon Agreed to Acquire One Medical
- BenCorp Acquired Onyma
- Alira Acquired Self Care Catalysts Inc.
- Babylon Acquired Higi
- Babylon Acquired Day-to-Day
- Baxter International Inc. Acquired Hill-Rom Holdings Inc.
- Alira Health Acquired Patchai
- Helium Health Acquired Meddy
- Amwell Acquired Silvercloud Health
- ZS Associates Acquired Medullan Inc.
- Health Hero Acquired Qare
- Boston Scientific Acquired Preventice Solutions
- Tata Group Acquired 1mg
- Teladoc Health Acquired Livongo
- Medtronic Plc Acquired Digital Surgery
For more information about this report visit https://www.researchandmarkets.com/r/eg6twq
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